The PayPal currency conversion rip-off bitching thread

mr_a500 · 31 May 2013, 22:49

(Warning: This is a bitching thread. You will see some bitching. If bitching offends you, look away now. You have been warned.)

Man, PayPal currency exchange really annoys the hell out of me. Their exchange rates are a total rip-off - but this isn't the worst part. If you exchange money, then later get a refund, you get ripped-off twice.

Example: I used US dollar balance to buy something with UK pounds. It cost me $86 for £55. According to eBay exchange display price, it should have been $79 US.

I didn't receive my parcel and months later got a "full refund" according to PayPal. Instead of leaving the money as £55 in my UK balance, they automatically convert to US dollars and it's just over $81. If I take that $81 and convert to UK pounds, it becomes £52. In either currency, it is obviously not a "full refund".

If they must refund in the original currency, why the hell don't they refund what they took? If they're refunding the purchase currency, why the hell don't they leave it in the frigging purchase currency?!

Please feel free to add your own PayPal exchange bitching.

webwit · 31 May 2013, 23:08

I want to bitch about people who use paypal and then complain about paypal!

It's like signing a contract with the devil for convenience, and then bitch when he comes to collect. What did you expect?
Also paypal's only reason why they can get away with it, is because their users empower them to do so - if you don't like paypal, cancel the service, otherwise you are part of the problem.

7bit · 31 May 2013, 23:12

Yeah, we know your point, but some people have no other choice because we did not yet trick their country into the EU.

The worst thing of PayPal is when idiots lock it down because they changed their mind in the middle of a group buy.

mr_a500 · 31 May 2013, 23:30

webwit wrote:I want to bitch about people who use paypal and then complain about paypal!

It's like signing a contract with the devil for convenience, and then bitch when he comes to collect. What did you expect?
Also paypal's only reason why they can get away with it, is because their users empower them to do so - if you don't like paypal, cancel the service, otherwise you are part of the problem.

Are you bitching about my bitching? Normally, I'd agree with your bitch, but PayPal has become a near de facto monopoly. I reserve the right to bitch about a monopoly while using said monopoly. It's like trying to boycott Microsoft - but to do so, I'd have to stop working, stop using bank machines, avoid the grocery store, boycott all medical computers in the hospital (including the machine that goes "ping!").

OK, PayPal is not as hard to avoid as Microsoft - but I'd still like to buy the occasional crud on eBay and in most cases PayPal is the only payment method.

I did boycott PayPal for the first 4 years I was on eBay and paid by money order. Most international sellers don't accept that anymore.

Findecanor · 01 Jun 2013, 01:10

I have two balances on PayPal: one in USD and one in EUR, mostly to avoid currency conversion fees to USD which is what I use the most.
The first time I received money in EUR, I was asked if I wanted to convert it or to create a new balance: and I chose the latter. I am not sure that PayPal asks anymore.

webwit · 01 Jun 2013, 01:19

mr_a500 wrote:OK, PayPal is not as hard to avoid as Microsoft - but I'd still like to buy the occasional crud on eBay and in most cases PayPal is the only payment method.

So you are empowering Evil Money, because you will not give up your convenient method of buying crap. First world problems. People deserve paypal.

dondy · 01 Jun 2013, 01:31

webwit wrote:
mr_a500 wrote:OK, PayPal is not as hard to avoid as Microsoft - but I'd still like to buy the occasional crud on eBay and in most cases PayPal is the only payment method.
So you are empowering Evil Money, because you will not give up your convenient method of buying crap. First world problems. People deserve paypal.

^this and microsoft is not really *that* hard to avoid anymore... unless ofc you want some very specific software (or games... actually mostly games). microsoft sales dropped fairly hard if you don't count pre-installs.

webwit · 01 Jun 2013, 01:50

Is MS even relevant anymore? I think that was cured by Linux, Apple and google (the last two are unfortunately attempting to be worse than MS ever was). Now they're playing catchup. I actually find Windows 8 interesting, wherever it will go. At least they're innovating and trying something else, trying to be better than Apple without copying. Of course they are still bastards. And won't go places while the used-car salesman is still at the top.

dondy · 01 Jun 2013, 02:01

i actually don't know where microsoft is still relevant besides legacy systems - android/ios seem to make up most of the consumer market (not that i like either of those... it's just a fact). i actually wouldn't hate on microsoft (much) - the problem always has been the industry that made microsoft as powerfull with only producing for it. now it's more like apple is the new evil empire with their closed system solutions and android/google are a mess like (every second windows release was).

but that's my personal few cents

mr_a500 · 01 Jun 2013, 04:16

webwit wrote:So you are empowering Evil Money, because you will not give up your convenient method of buying crap. First world problems. People deserve paypal.

OK, you convinced me. I'll close my PayPal account and eBay account.

mintberryminuscrunch · 01 Jun 2013, 11:12

If you convert currency at your local bank it costs money.
Also they (paypal) need to have bad trading rates to prevent currency trading I think.

On the other hand. Yes paypal is taking more and more money. 5,92% on international sales is ridiculous.

Muirium · 01 Jun 2013, 11:28

mintberryminuscrunch wrote:If you convert currency at your local bank it costs money.
Also they need to have bad trading rates to prevent currency trading I think.

On the other hand. Yes paypal is taking more and more money. 5,9% on international sales is ridiculous.

Banks have two different rates for each pair of currencies so they can make a profit. Despite all the confusion in recent years where we've all had to bail out banks as if they were the world's most costly charities, they are just businesses and exist to take a buck. They'd just love you to trade your currencies back and forth across their toll bridge all you like, ideally until you've only pennies left. By then it would be closing time, and they'll probably have you shown out.

It's a wonderful world, all right. Ebaypal very much included. How many years until we're bailing them out in a recession "to save our economies" I wonder.